“What is mine is yours” is a common saying for most married couples. However, when the marriage ends, it is time to separate “mine and yours” again.
Minnesota is an equitable distribution state. This means that the courts will take numerous factors into consideration to divide assets fairly. Such factors include financial contributions, debts and future employability. If your partner attempts to hide assets to gain the upper hand, it can complicate this division.
What is a hidden asset?
Hidden assets can take many forms. The deceitful party may send a temporary monetary gift to a friend or transfer titles out of their name until the divorce is final. Other popular strategies include:
- Having a boss withhold raises or bonuses until after the divorce
- Claiming theft of property
- Denying ownership of an asset
When divorce proceedings begin, Minnesota courts will issue a temporary restraining order. This order limits spending and prohibits the transferring of assets before both parties reach a final settlement.
What if you suspect your partner is hiding assets?
First, you should have your property evaluated by a professional. For example, if you invested in art or real estate, you would want to find someone knowledgeable in the respective field for proper asset valuation. This evidence is essential if your spouse is attempting to misrepresent the value of assets.
You should also keep an eye on financial documents such as tax returns for any inconsistencies. Monitor any shared accounts for canceled checks or strange withdrawals.
Lastly, consider hiring a forensic accountant to track down and uncover any discrepancies in your partner’s financial documents.
Divorce is a strenuous time, and a dishonest partner only makes it more difficult. To protect yourself, your assets and your future, take action right away if your spouse is hiding assets.